Silverline Endustri ve Ticaret AS said its fourth-quarter normalized net income amounted to 2 kurus per share, a decrease of 85.7% from 15 kurus per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 648,360 lira, a decrease of 85.6% from 4.5 million lira in the prior-year period.

The normalized profit margin dropped to 1.6% from 10.8% in the year-earlier period.

Total revenue grew 5.9% year over year to 44.1 million lira from 41.7 million lira, and total operating expenses climbed 22.4% year over year to 40.9 million lira from 33.4 million lira.

Reported net income came to a loss of 689,750 lira, or a loss of 2 kurus per share, compared to income of 5.9 million lira, or 20 kurus per share, in the year-earlier period.

For the year, the company's normalized net income totaled 3 kurus per share, a decrease of 84.7% from 23 kurus per share in the prior year.

Normalized net income was 1.0 million lira, a fall of 85.1% from 6.8 million lira in the prior year.

Full-year total revenue rose 7.5% from the prior-year period to 145.7 million lira from 135.4 million lira, and total operating expenses rose 14.9% year over year to 139.4 million lira from 121.4 million lira.

The company said reported net income totaled a loss of 465,160 lira, or a loss of 2 kurus per share, in the full year, compared with income of 9.2 million lira, or 31 kurus per share, the prior year.

As of March 10, US$1 was equivalent to 2.90 Turkish lira.